As a country develops, its citizens often begin to create larger and larger businesses. Phnom Penh has grown with the state and private sector as domestic and foreign investors have flooded the real estate market.
Sen Sok district was created in 2009 with 59km of flat land surrounding it and shares borders with Meanchey, Por Senchey, Tuol Kork, Russey Keo and Preak Pnov districts.
Over the past 8 years, the district has grown extensively and is now booming with real estate projects. Residential apartments, Boreys, local markets and international supermarkets have flooded the area. With this growth in development, state infrastructure has improved greatly, with better roads, bridges and buildings.
Sen Sok District Deputy Governor Hor Veasna said many of the area’s current residents moved from districts within Phnom Penh such as Chamkarmon, Daun Penh, and 7 Makara. Many of the funds used to create residential properties attracted further business investment and development.
The population of Sen Sok has now grown to 160,000.
“The increase in the population of Sen Sok district is very high, while the number of properties in the area has increased dramatically, with residential homes, shopping malls and other constructions,” he said.
Makro shopping mall recently opened a new store in the district, increasing trade and boosting the local economy. A number of infrastructure projects have been set in motion as well, including new markets, an air bridge and shopping centres like Rattana Plaza, Attwood and AEON II, which will be finished soon.
“As far as I am concerned, Sen Sok district is the only district that is growing faster than the others,” he said. “The momentum of the construction and real estate sector is high, but Chamkamon has good real estate prices that have a mix of services and business.”
Some of the properties in Sen Sok are valued at nearly $1 million, and although it is for very wealthy people, ordinary people can invest in different types of property as well.
Once the Aeon II complex is finished, many kinds of businesses will want to relocate in the area, and it is unclear how much public and private investment would grow after the mall is completed.
According to a 2017 report by the Sen Sok district construction, land management and urban land office, there are 157 construction sites requesting permits to begin or continue projects.
Many state owned buildings have also come to the area, with the Department of Planning, Department of Health, and Department of Industry and Social Affairs, and the National Bank all setting up shop in the district.
City Hall spokesman Met Measpheakdey told Post Property that Sen Sok district has shown the potential of the economy through the expansion of the city to more remote areas. People’s livelihoods would be improved, he said, by the distribution of big businesses such as Aeon Mall and Makro market, which would bring gas stations, cafes and restaurants.
“When there are a lot of people, the economy must also follow the realization of the potential of the region through buildings and apartments,” he said. “We cannot compare it to the other districts it borders, because geographical factors are very important.
Toul Kork district, which includes four districts in the city such as Daun Penh, Chamkarmon and 7 Makara District, is increasing in economic and development potential because of its location.”
City Hall is not sure where the sky bridge will be placed, but Measpheakdey said infrastructure is important for the people moving to the area.
“We have a blueprint to provide infrastructure for the people, such as roads and construction according to the urbanization master plan,” he said.
The flyover bridge over Russian Boulevard and Hanoi highway is 80 percent finished and will be completed before Khmer New Year in 2018. They have to build the bridge to ease traffic.
Key Real Estate founder and director SornSeap said all regions like Sen Sok needed to address infrastructure deficiencies and public safety systems.
“Living in a new development area with diversified services such as schools, hospitals, shopping malls, entertainment facilities and public services is much more attractive than living in another place that does not have these things. The area of Sen Sok district has high potential for real estate development after the more urban districts,” he said.